By Kareem Azeez
23 April 2024 | 8:57 am
Streaming platform, Netflix has reported a record growth in Q1 of 2024, continuing from where it stopped last Year. In its latest Q1 2024 report, Netflix unveiled impressive figures indicating a significant uptick in revenue growth. This makes it the first time since 2021 that the company has seen double-digit growth. Both gross and operating…
Streaming platform, Netflix has reported a record growth in Q1 of 2024, continuing from where it stopped last Year.
In its latest Q1 2024 report, Netflix unveiled impressive figures indicating a significant uptick in revenue growth.
This makes it the first time since 2021 that the company has seen double-digit growth.
Both gross and operating margins showed robust improvement, setting a positive tone for the year ahead.
The surge in revenue was fueled by a combination of increased pricing and a notable expansion in paid subscriptions.
There is 16% year-over-year growth in paid membership during Q1 2024, with the EMEA region emerging as the primary driver.
The report also revealed that the United States and Canada, are the highest-paying regions, demonstrating a solid performance with double-digit growth in paid memberships.
The substantial growth started during the last quarter, which marks the fall of 2023,revealing a substantial increase in its subscriber base, with 13.12 million new additions globally.
Notably, the Europe, Middle East, and Africa (EMEA) region contributed significantly, with 5.05 million new subscribers.
The surge in subscriptions marks the platform’s largest Q4 growth ever, bringing its total subscriber count to 260 million.
Furthermore, Netflix hinted at occasional additional charges for platform improvements, signaling potential changes in subscription models.
Read Also: Netflix hits fourth-quarter subscriber record, fueled by ‘The Crown’ and ‘The Killer’
The company also announced plans to phase out its Basic Plan in certain markets, starting with Canada and the United Kingdom in Q2 2024.
However, despite Netflix’s global growth, it faces competition in the African market, where Showmax, a MultiChoice-owned streaming service, has overtaken it in market share.
Showmax’s recent price adjustments and platform revamp reflect the intensifying competition among streaming services in the region.
Netflix revealed that WWE Raw will premiere on the platform in January 2025, with plans to include other popular wrestling events.
This addition aims to boost advertising reach and subscriber growth, leveraging WWE’s massive global audience and engagement metrics.
